2007-12-29 09:48:07 · 7 answers · asked by Mindy 2 in Business & Finance ➔ Renting & Real Estate
Yes........that how Donald Trump make his millions
2007-12-29 10:16:05 · answer #1 · answered by Ramesses V 3 · 0⤊ 1⤋
Your best bet would probably be to get a FHA loan. They usually want your BK to be discharged for at least two years and clean credit re-established since that time. Your down payment would usually be 3-5%. If there are HUD homes in your area, there might be a down payment program of about $1000 (there are various programs). Your interest rate would not be outrageous because FHA loans are restricted from charging over a certain amount. Talk to a lender for more details.
The only drawback is that a lot of people don't like to sell their homes to people getting FHA loans because the FHA will require that certain repairs be made on the home so that it is "up to code." However, because of the tightening of credit for Conventional Mortgages, I expect FHA and VA loans to become popular again because people will be desperate to sell.
2007-12-29 18:25:03 · answer #2 · answered by Granny 4 · 1⤊ 0⤋
My friend is filling a chapter 7 bankruptcy she told me that she was told she has to wait 3 years before she can buy.
2007-12-29 19:53:04 · answer #3 · answered by Debbie 4 · 0⤊ 0⤋
Generaly speaking since i have no idea how long ago your bk was.
It will take about 4 years of good credit payments and rental history to get into a home. And you must have some seasoned reserve funds in the bank. Including 401K`s
2007-12-29 17:51:43 · answer #4 · answered by Big Deal Maker 7 · 0⤊ 0⤋
Yes, but it will be a couple years after establishing a good payment history after you file before you qualify for financing.
2007-12-31 13:51:12 · answer #5 · answered by Lesley 5 · 0⤊ 0⤋
yes, but it depends on the chapter and how much money you want to put down!
2007-12-29 17:51:15 · answer #6 · answered by healthspot_2000 4 · 0⤊ 0⤋
Yes, all you need is lots of income.
2007-12-29 17:51:30 · answer #7 · answered by jimmymae2000 7 · 0⤊ 0⤋